Victorian Current Acts Victorian Current Acts(1) This section applies if an application to renew a petroleum retention lease has been made under section 142.
(2) If—
(a) each of the following has been complied with—
(i) the conditions to which the petroleum retention lease is, or has from time to time been, subject;
(ii) the provisions of this Chapter, Chapter 4, Chapter 6 and Part 7.1;
(iii) the regulations; and
(b) the Minister is satisfied that recovery of petroleum from the lease area—
(i) is not, at the time of the application, commercially viable; and
(ii) is likely to become commercially viable within the period of 15 years after that time—
the Minister must give the applicant a written notice (called an offer document ) telling the applicant that the Minister is prepared to renew the lease.
Note
Section 255 sets out additional requirements for offer documents (for example, a requirement that an offer document must contain a summary of conditions).
(3) If—
(a) any of—
(i) the conditions to which the petroleum retention lease is, or has from time to time been, subject; or
(ii) the provisions of this Chapter, Chapter 4, Chapter 6 and Part 7.1; or
(iii) the provisions of the regulations—
have not been complied with; and
(b) the Minister is satisfied that there are sufficient grounds to warrant the granting of the renewal of the petroleum retention lease; and
(c) the Minister is satisfied that recovery of petroleum from the lease area—
(i) is not, at the time of the application, commercially viable; and
(ii) is likely to become commercially viable within the period of 15 years after that time—
the Minister may give the applicant a written notice (called an offer document ) telling the applicant that the Minister is prepared to renew the lease.
Note
Section 259 sets out additional requirements for offer documents (for example, a requirement that an offer document must contain a summary of conditions).